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20130318
20130318
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because of the negotiations over the debt ceiling. the administration wanted to clean increase in the debt ceiling. when we were facing a potential disaster because of reluctance on the part of congress to raise the debt ceiling. we saw a solution which we hope would not be put in place. no one expected it to be put in place. the idea was to have a commitment mechanism we wouldn't need to force us to make better policy decisions on the sequester. and in the negotiations, what i was referring to was the fiscal cliff negotiations at the end of last year, where the matters were very close. the president did not ask for more revenue in those negotiations. he actually asked for less. he had 1.6 trillion in his budget, came down to 1.2 trillion. i will point out charlie the president has done unusual he's kept his last offer on the table. he didn't retreat and say no i want to go back to that original figure. he kept some very difficult offers on the table to reach a bargain, including entitlement reforms. and so the president has been looking for a balanced way to do this. and in some sense it'
in the big battle in 2011, the budget control act, was obama wanted to keep spending and he needed the debt ceiling to be increased because he was spending so much money. republican said, ok, we will raise the debt ceiling for the country does not default, but only if you agree for a dollar for dollar reduction in spending over the next decade. and so, yet $2.50 trillion of spending restraint -- not real cuts but spending less than obama had hoped. in washington that is called a cut. if you wanted 10 of something and you only got eight of something, you say i got cut two. if you actually walk away with eight. so, that was a $2.50 trillion spending reduction over the next decade. it has not happened yet. we have several problems facing us. the trillion dollars in the obamacare tax increases that hit this decade, that begin to hit now. oddly enough, the president and the democrats in the house and senate decided to put the tax increases, the bulk of them, after the 2012 elections. so, everybody voted and now the tax increases hit. it is not helpful for the economy and i think it is going to b
, the budget control act, was that obama wanted to keep spending, and he needed the debt ceiling to be increased because he'd spent so much money. and the republicans said, okay, we'll raise the debt ceiling is so the country doesn't default, but only if you agree to a dollar-for-dollar reduction in spending over the next decade. and so we got $2.5 trillion in spending restraint. not real cuts, spending less than obama had hoped in. in washington that's called a cut. if you wanted ten of something and you only got eight of something, you go i got cut too. actually, you walked away with eight. but, so that was a $2.5 trillion spending reduction over the next decade. it hasn't happened yet. we're still, we have several problems facing us. the trillion dollars in obamacare tax increases that hit this decade, that begin to hit now. oddly enough, the president and the democrats in the house and senate decided to put the tax increases, the bulk of them after the 2012 election. so everybody voted, and now the tax increases hit. it's not helpful for the economy, and i think it's going to
the debt ceiling is hit. i think that's the most fertile time for us. i think what republicans want to see, wolf, they want to see a 75-year actuary soundness. we want to make sure the programs are going to be there for the future. the president knows we want to make sure these programs are there, and what the presidents wants, obviously, is some additional revenue. i believe there's a possibility if we could get the 75-year soundness on medicare and social security with appropriate changes and reforms, i think there may be a way through full tax reform to do something that will generate revenue and fit the needs of both sides, and that's what i'm hopeful is going to happen over the next four months. look, there's no negotiation that's happening right now. there's some general discussions that have taken place, but i think the environment is going to be the best that it's been in the next several months. >> just to be precise, under certain circumstances to save social security and medicare over 75 years, you'd be willing to raise tax revenue. do you have a number, two to one, three to one
Search Results 0 to 3 of about 4

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